Brent dives to 2-week low on trade war concerns

Brent prices continued to fall as the US market opened today, to decline for the second day to its 2-week low, on global recession fears and weak oil demand, and the renewed US-China trade tensions.

Brent fell to $60.12 a barrel (2-week low), from the opening of $61.96, with a high of $62.22.

Brent fell by 1.1% on Friday, due to economic concerns about China and the recovery of the Saudi supply levels.

During the last week, oil prices have shed 4%, on global recession and weak oil demand fears, and the renewed US-China trade tensions, as weak data on manufacturing activity continues, especially in Europe and Asia.

Bloomberg quoted on Friday a White House official saying that Trump's administration is considering limits on investment flows from US companies to China, and the removing of Chinese companies from US stock exchanges.

Which could lead to further escalation in the ongoing trade war between the world's two largest economies, but yet the news has not been confirmed ahead of the upcoming trade talks round on ministerial level next week in Washington, DC.